DUBAI // Hundreds of workers remain stranded in Dubai nearly a month after the owner of their company absconded to India owing them five months' salary.
The Indian businessman, Joseph D'Souza, fled last month after his businesses failed.
He founded the steel fabrication and engineering firm, Systems Engineering, with offices in Sharjah and Dubai, in 1997, and employed 400 men from India, Bangladesh, Nepal, Pakistan and Sri Lanka as helpers, welders and steel fixers.
The situation has left many depressed and worried about their future. One labourer suffered a nervous breakdown after the company went under. Laila Abubakr, a social worker, from the Overseas Resident Malayalee Association in Dubai said that the man was now in a stable condition.
Mrs Abubakr said only 200 of the 400 workers had been repatriated.
"Consulates representing workers' countries are giving free tickets for the men to be sent home," she added. "We hope in a week or two all the workers will be home."
Mrs Abubakr said each employee might receive up to Dh1,600 from the bank guarantee deposited by Mr D'Souza. "It is a little amount compared to what each worker was supposed to get. The bank amount is being equally divided among all the men," she said.
[ frahman@thenational.ae ]
ASIAN RUGBY CHAMPIONSHIP 2024
Results
Hong Kong 52-5 UAE
South Korea 55-5 Malaysia
Malaysia 6-70 Hong Kong
UAE 36-32 South Korea
Fixtures
Friday, June 21, 7.30pm kick-off: UAE v Malaysia
At The Sevens, Dubai (admission is free).
Saturday: Hong Kong v South Korea
Sly Cooper and the Thievius Raccoonus
Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5
The Written World: How Literature Shaped History
Martin Puchner
Granta
Civil War
Director: Alex Garland
Starring: Kirsten Dunst, Cailee Spaeny, Wagner Moura, Nick Offerman
Rating: 4/5
'Brazen'
Director:+Monika Mitchell
Starring:+Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
'O'
Author: Zeina Hashem Beck
Pages: 112
Publisher: Penguin Books
Available: Now
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
Rebel Moon - Part One: A Child of Fire
Director: Zack Snyder
Stars: Sofia Boutella, Djimon Hounsou, Ed Skrein, Michiel Huisman, Charlie Hunnam
Rating: 2/5
Tomb Raider I–III Remastered
Developer: Aspyr
Publisher: Aspyr
Console: Nintendo Switch, PlayStation 4&5, PC and Xbox series X/S
Rating: 3/5
The specs: 2019 BMW i8 Roadster
Price, base: Dh708,750
Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
Power: 374hp (total)
Torque: 570Nm (total)
Fuel economy, combined: 2.0L / 100km
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.